Complete the following by calculating the cash discount and net amount paid: (If more than one discount, assume date of last discount.) Gross amount of invoice (freight charge already included) $ 600 Freight charge None Date of invoice 8/12 Terms of invoice 2/10, 1/15, n/30 Date of payment 8/24 Cash discount Net amount paid

Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions. Purchase of merchandise with freight-in. a) Merchandise is purchased on account, $2,800 plus freight charges of $100. Terms of the sale were FOB shipping point. b) Payment is made for the cost of merchandise and the freight charge.

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Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. a. b. C. d. Merchandise (gross) $ $ $ $ 5,800 21,200 76,600 12,000 Terms 2/10, n/60 1/15, n/90 1/10, n/30 3/15, n/45 Payment

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Credit for Freight Refunds and Merchandise Paid by Seller Freight Terms Allowances $6,300 $600 FOB shipping point, 2/10, n/30 $1,550 a. b. 2,900 600 FOB destination, 1/10, n/30 1,200 a. $ b. $

Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.   Merchandise Freight Paid by Seller     Returns and Allowances a. $17,000   -     FOB destination, n/30 $900   b. 10,300   $400     FOB shipping point, 1/10, n/30 1,200   c. 6,300   -     FOB shipping point, 1/10, n/30 600   d. 2,500   100     FOB shipping point, 2/10, n/30 400   e. 1,700   -     FOB destination, 2/10, n/30 -   a.  $ b.  $ c.  $ d.  $ e.  $

Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period:     Merchandise Freight Paid by Seller     Customer Returnsand Allowances a. $17,200   -     FOB destination, n/30 $900   b. 11,400   $500     FOB shipping point, 2/10, n/30 1,400   c. 8,100   -     FOB shipping point, 1/10, n/30 700   d. 3,700   100     FOB shipping point, 1/10, n/30 500   e. 2,500   -     FOB destination, 1/10, n/30 -     a.  $ b.  $ c.  $ d.  $ e.  $

The amount of discount to be recorded if the invoice is paid within the discount period on a purchase of goods having a list price of $1,600, subject to a trade discount of 25 percent with terms 2/10, n/30, is a.$24. b.$30. c.$29.40. d.$21. e.$450.

How do you find the cash discount and the net amount paid when you know the gross amount of invoice with the freight charge already included is $600, the freight charge is none, the date of invoice is 8/1, the terms of invoice are 3/10, 2/15, and n/30, and the date of payment is 8/13?

reight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.   Merchandise FreightPaid by Seller Freight Terms Returns andAllowances a. $90,000   $1,000     FOB shipping point, 1/10, n/30 $15,000   b. 110,000   1,575     FOB destination, 2/10, n/30 8,500